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Bank Nifty opened flat and moved in the positive direction throughout the day, hitting its all-time high of 42611. It posted its highest close to date, closing with gains of around 160 points. It formed a bullish candle on the daily frame and has been making higher lows for the past four sessions. The Bank Nifty index had a volatile trading session, with the first half dominated by the bears and the closing hours when the bulls bounced back to hold support. To regain momentum, the bulls need to push the index above the 42500-42800 level, from where the uptrend will resume. The bears will be looking for 42,000 on the downside if it breaks and will gain the upper hand over the index, which will continue to pull it towards the 41700 level. For weekly bank Nifty, the maximum put OI is 42100 then 42600 strike and the maximum call OI is 42700 then 43,000 strike. We have seen call writing at 42500 with settlement at 42300 while put writing has been seen at 42500 strike. Now it needs to hold above 42,500 zones for an upward move towards 42,750 and 43,000 zones while placing supports at 42,250 and 42,000 zones. Traders are advised to expect positive stock-specific action from HAL, Kotak Mahindra Bank, Amara Raja Battery, TCS, HDFC, Infosys, HDFC Bank, Sunpharma, Bharti Airtel and Cipla, while Metropolis, Indiabulls Housing Finance, Apollotyre and Aarti Industries, PVR, MFSL, SunTV, IEX, M&M Fin, Bajaj Finance, Cholafin, PEL, ZEEL, Bandhan Bank and ICICI Pru.
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